scholarly journals What What Drives Stock Market Performance of Banks / Universal Banks? A Critical Examination of Literature

2019 ◽  
Vol 8 (3) ◽  
pp. 51-57
Author(s):  
Antonio Jaramillo Dayag ◽  
Fernando L. Trinidad
Keyword(s):  
Mutual Funds ◽  
Emerging Economies ◽  
Home Country ◽  
Stock Exchange ◽  
Financial Intermediaries ◽  
Critical Examination ◽  
Stock Exchanges ◽  
Stock Market Performance ◽  
The Difference ◽  
Global Investors

Universal banks combine commercial loan services and public deposit functions with investment, and other services such as home and auto financing, mutual funds, pension and insurance to name a few. The importance of universal banks have been recognized in emerging economies, and its growth spur economic growth and development of many countries in the world. Most universal banks are listed in stock exchanges, and as financial intermediaries, not only these banks expand their already wide portfolios but they allow more global investors into the fold, almost like a foreign direct investor, the difference only is, the investor don’t have to leave the home country. Since these banks are considered to be among the key players in stock markets, and this study seeks to understand what factors drive their performance in stock exchange so that global investors be aided in making investment decisions on universal banks.

scholarly journals Unparalleled Volatility in Sector-Wise Return in the Chittagong Stock Exchange: A Covid-19 Perspective

2021 ◽  
Vol 16 (3) ◽  
pp. 55-83
Author(s):  
Nusrat Jahan ◽  
◽  
Mohammad Nayeem Abdullah ◽  
Keyword(s):  
Trend Analysis ◽  
Mutual Funds ◽  
Life Insurance ◽  
Industrial Development ◽  
Stock Exchange ◽  
Health Crisis ◽  
General Insurance ◽  
Time Period ◽  
Time Periods ◽  
The Difference

This study examined the effect of the Covid-19 health crisis on the volatility of sector-wise securities return listed in the Chittagong Stock Exchange (CSE) and compared this volatility with the pre-pandemic context. This study focused on the Chittagong Stock Exchange because this bourse offers a platform for negotiability and transferability of securities to investors in Chittagong and also plays a significant role in capital mobilization and the industrial development of Bangladesh. A sample of 90 securities under 19 sectors listed in the CSE were examined. The trend analysis indicated that Bank, Food, Footwear, Leasing, Life Insurance, Electrical and Engineering and Mutual Funds had same level of volatility between the Pre-Covid and Post-Covid time periods. Only four sectors, including Energy, Telecommunication, General Insurance and Miscellaneous sectors displayed a higher Post-Covid volatility relative to the Pre-Covid context. The result indicated that volatility of return was not the same for 19 sectors in the CSE over the selected time period. The researcher discovered that high and low periods of deaths had a significant impact on weekly volatility of return on 19 sectors of the CSE. However, the difference in volatility of return across all sectors between the Pre-Covid and Post-Covid time periods were not statistically significant from each other. Keywords: volatility of return, stock market, covid-19

scholarly journals Transmission of Information of the Indonesian Dual Listed Shares

2020 ◽  
Vol 11 (2) ◽  
pp. 255
Author(s):  
Randi Anto ◽  
Irene Rini Demi Pangestuti
Keyword(s):  
New York ◽  
Stock Prices ◽  
Stock Exchange ◽  
Stock Exchanges ◽  
Daily Data ◽  
York Stock Exchange ◽  
Transmission Of Information ◽  
Trading Period ◽  
The Difference ◽  
Dual Listing

Various studies have been carried out in relation to the behavior of dual listing stock prices, unfortunately, study on the effects of changes in dual listing stock prices on the Indonesia Stock Exchange (IDX) is still limited. Differences in trading time and stock exchange class between one stock exchange with another in different countries raise an opportunity for the accumulation of information when one of the exchanges is experiencing a closing trading period. Indonesian companies such as PT. Telekomunikasi Indonesia (Persero) Tbk. (TLKM) whose shares are listed on the New York Stock Exchange (NYSE) and IDX experience the difference in time of their transaction which can affect the shares on the NYSE and on the IDX. This study conducted by using daily data from January 2018 to December 2018. This study found that there is a significant effect of changes in TLKM stock prices on the NYSE in (t-1) period to changes in TLKM stock prices on IDX in t-period. This finding proves that there was the existence of transmission of information between the stock exchanges utilized by investors.

scholarly journals Regulatory Response to Market Volatility and Manipulation: A Case Study of Mumbai and Karachi Stock Exchanges

2006 ◽  
Vol 11 (2) ◽  
pp. 79-105 ◽  
Author(s):  
Jamshed Y. Uppal ◽  
Inayat U. Mangla
Keyword(s):  
Stock Exchange ◽  
Industry Structure ◽  
Market Volatility ◽  
Regulatory Agencies ◽  
Stock Exchanges ◽  
Behavior Outcomes ◽  
Regulatory Interventions ◽  
The Difference ◽  
Speculative Behavior

This study examines the regulatory intervention in India and Pakistan in response to episodes of excessive market volatility and manipulation and its effectiveness in achieving declared objectives. Our empirical analysis indicates that while the Indian regulatory agencies seem to have achieved their objectives in curtailing manipulative and speculative behavior, there appears to be little impact on such behavior in the case of the Karachi Stock Exchange. Significant differences in the regulatory effectiveness and industry structure may explain the difference in the market behavior outcomes following regulatory interventions. A stronger competitive environment in India, because of the existence of multiple organized exchanges, seems to facilitate effective enforcement of public policy.

scholarly journals DIRECTIONS OF SECURITY LISTING ON THE DOMESTIC STOCK MARKET

2021 ◽  
Author(s):  
Nataliia Shevchenko ◽  
Olha Ohirko
Keyword(s):  
Stock Market ◽  
Financial Reporting ◽  
Stock Exchange ◽  
State Level ◽  
Financial Intermediaries ◽  
Stock Exchanges ◽  
Software Products ◽  
Positive Side ◽  
Trading Volumes ◽  
Domestic Stock

The essence of the concept of "listing", "listing of securities" is considered, the procedure of listing on the domestic stock exchange is determined and the levels of listing are highlighted. The basic concepts of securities listing, in accordance with regulations, regulations of Ukrainian stock exchanges and the definition of domestic economists are studied. The main indicators of the first and second level of listing on the Ukrainian stock exchange, selection criteria to the appropriate level are grouped. In Ukraine, public joint stock companies are required to go through the procedure of listing, regardless of the volume and value of the issue of shares. An analysis of the issue of securities on the stock market of Ukraine, listing, trading volumes of securities. It has been established that over the last five years the volume of securities issues of public joint-stock companies on the stock market has significantly decreased, the volume of listing has decreased, which has reduced the volume of trading on both exchange and over-the-counter markets. The negative downward trend in the issue of shares of joint-stock companies was influenced by the reduction of financial intermediaries (underwriters, depositories, financial agents) in the domestic stock market, as well as the level of domestic and foreign investment. The main directions for optimizing the listing procedure, ensuring the competitiveness and investment attractiveness of domestic joint stock companies are identified. The main areas for improving the listing procedure should be provided both at the state level and at the level of joint stock companies, financial intermediaries, and investors. In particular, joint-stock companies are required to submit financial statements (in accordance with international financial reporting standards for legal entities) to stock exchanges, their authorized representatives, the First Stock Trading System and relevant authorities. On the positive side, professional participants of the domestic stock market were able to offer their clients software products for remote conclusion of contracts for the sale of financial instruments.

scholarly journals Causality between Macroeconomic Indicators and Stock Market: An Econometric Analysis

2021 ◽  
Vol 4 (1) ◽  
pp. 137-155
Author(s):  
Muhammad Imad ud Din Akbar ◽  
Abdul Rauf Butt ◽  
Ali Farhan Chaudhry
Keyword(s):  
Economic Growth ◽  
Stock Market ◽  
Emerging Economies ◽  
Stock Exchange ◽  
Market Performance ◽  
Simultaneous Equations ◽  
Stock Market Performance ◽  
Macroeconomic Indicators ◽  
The Impact

We attempt to examine the causality between economic growth and stock market performance of Pakistan for the years 1992M01-2012M12. For this purpose, the test devised by Granger (1988) has been employed. The results reveal a bi-directional causality between economic growth and stock market performance of Pakistan proxied by Karachi Stock Exchange capitalization (KSECAP). Once this bidirectional causality is established, a system of simultaneous equations has been specified and estimated by 2SLS to find the impact of economic growth and selected macroeconomic indicators on the stock market of Pakistan. The estimated results lead to the conclusion that economic growth affects the stock market of Pakistan and vice versa. The implications of the study are of paramount importance, especially for the emerging economies. Hence, bearing in mind the role of macroeconomic indicators in the performance of stock market a better policy can be formulated to enhance the growth of capital markets that in turn will increase the economic growth of emerging economies such as Pakistan and vice versa.

scholarly journals REKSADANA SYARIAH dan KONVENSIONAL DI INDONESIA

KEUNIS ◽  
2021 ◽  
Vol 9 (2) ◽  
pp. 120
Author(s):  
Nurseto Adhi ◽  
Dewi Pratiwi Aji ◽  
Winarni Winarni
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Secondary Data ◽  
Sampling Technique ◽  
Test Analysis ◽  
Significant Difference ◽  
The Difference ◽  
Differential Test

<p class="western" align="justify"><em><span lang="EN-US">This study aims to test the difference between the conventional mutual fund and the sharia mutual fund on performances and risk. The development of mutual fund products is based on 2 (two) categories, conventional mutual funds, and sharia mutual funds (www.ojk.go.id). Based on data from the Data Center and Statistics of Islamic Mutual Funds, the performance of Islamic mutual funds is still underperformed compared to conventional mutual funds. Therefore, testing the performance of Islamic mutual funds by testing the performance of conventional mutual funds has not been widely tested. Secondary data was used in this study with all 1425 mutual funds from 2012-2017 on the Indonesia Stock Exchange was used as the population in this study is. The purposive sampling technique determines the sample in this study. The sample used in this study was Conventional and Shariah mutual fund in Indonesia Stock Exchange (IDX) with six products each. This hypothesis test used Differential Test tools with data analysis techniques using Paired sample t-test analysis using SPSS 25. In this study, we found that there was a significant difference between the return on conventional mutual funds and Syariah mutual funds. While the risk, Sharpe method, Treynor method, and Jensen method have not significant difference between conventional mutual funds and Syariah mutual funds.</span></em></p>

A Critical Analysis of Selected Public and Private Mutual Fund Schemes in India

2019 ◽  
Vol 118 (8) ◽  
pp. 28-34
Author(s):  
Dr. V. Murali Krishna ◽  
Dr T. Hima Bindu ◽  
Dr. Ravikumar Gunakala
Keyword(s):  
Mutual Funds ◽  
Capital Market ◽  
Mutual Fund ◽  
Portfolio Diversification ◽  
Financial Intermediaries ◽  
Public And Private ◽  
Fund Managers ◽  
Fixed Base ◽  
Banking Institutions ◽  
Different Levels

Mutual Fund Industry is one of the emerged dominant financial intermediaries in Indian Capital Market. The main objective of investing in a mutual fund is to diversify risk. Though the mutual fund invests in diversified portfolio, the fund managers take different levels of risk in order to achieve the schemes objectives. Mutual funds allow portfolio diversification and relative risk management through collection of funds from the savers/investors, the same investing in equity and debt stocks. This type of invested funds is managed by professional experts called as fund managers Funds are categorized as income should fixed base in India are a kind of mutual fund which makes investment in debt securities that have been issued to the corporate, banking institutions and to government in general

The effect of the board of directors on the performance: Case of Tunisian banks

2020 ◽  
Vol 2 (2) ◽  
pp. 8-17
Author(s):  
Abdelkader Derbali ◽  
Lamia Jamel ◽  
Ali Lamouchi ◽  
Ahmed K Elnagar ◽  
Monia Ben Ltaifa
Keyword(s):  
Financial Performance ◽  
Board Of Directors ◽  
Stock Exchange ◽  
Market Performance ◽  
Outside Directors ◽  
Return On Equity ◽  
Satisfactory Outcome ◽  
Stock Market Performance ◽  
The Board Of Directors ◽  
Negative Effect

The board of directors plays a crucial role as an internal structure of corporate governance. Certainly, its efficiency is needy on the existence of numerous issues; the greatest significance is correlated to its characteristics that relay principally to the individuality of its memberships, board dimension, combining the purposes of pronouncement and regulator as well the grade of the individuality of the audit board and the diverse gender of the committee. To assess the authenticity of our assumptions, which stipulate the presence of deterministic characteristics of the committee on the profitability of Tunisian banks, we evaluated by three different ratios i.e., ROA (return on asset), ROE (return on equity), and MP (market performance); and we estimate three models with linear regressions. The empirical findings were performed on a data sample composed of 11 Tunisian banks listed on the Stock Exchange of Tunisia (SET) during the period from 1999 to 2018. From the estimated regressions, we find a satisfactory outcome indicating the significance of the influence of the characteristics of the committee on the banking performance in Tunisia. Then, the percentage of outside directors negatively affects the level of the financial performance of banks. The number of institutional administrators performs an essential role in improving financial performance. Finally, the duality of the Presidency of the Council General-Directorate has a negative effect on the level of stock market performance of Tunisian banks.

scholarly journals Evaluation of Changes on World Stock Exchanges in Connection with the SARS-CoV-2 Pandemic. Survival Analysis Methods

Risks ◽  
2021 ◽  
Vol 9 (7) ◽  
pp. 121
Author(s):  
Beata Bieszk-Stolorz ◽  
Krzysztof Dmytrów
Keyword(s):  
Survival Analysis ◽  
Proportional Hazards ◽  
Proportional Hazards Model ◽  
Stock Exchange ◽  
Cox Proportional Hazards ◽  
Cox Proportional Hazards Model ◽  
Stock Exchanges ◽  
Analysis Methods ◽  
Hazards Model ◽  
Kaplan Meier

The aim of our research was to compare the intensity of decline and then increase in the value of basic stock indices during the SARS-CoV-2 coronavirus pandemic in 2020. The survival analysis methods used to assess the risk of decline and chance of rise of the indices were: Kaplan–Meier estimator, logit model, and the Cox proportional hazards model. We observed the highest intensity of decline in the European stock exchanges, followed by the American and Asian plus Australian ones (after the fourth and eighth week since the peak). The highest risk of decline was in America, then in Europe, followed by Asia and Australia. The lowest risk was in Africa. The intensity of increase was the highest in the fourth and eleventh week since the minimal value had been reached. The highest odds of increase were in the American stock exchanges, followed by the European and Asian (including Australia and Oceania), and the lowest in the African ones. The odds and intensity of increase in the stock exchange indices varied from continent to continent. The increase was faster than the initial decline.

Disposition effect at the market level: evidence from Indian stock market

2019 ◽  
Vol 12 (2) ◽  
pp. 69-82
Author(s):  
Sravani Bharandev ◽  
Sapar Narayan Rao
Keyword(s):  
Trading Volume ◽  
Stock Exchange ◽  
Reference Points ◽  
Disposition Effect ◽  
Content Type ◽  
Ex Post ◽  
Abnormal Trading Volume ◽  
The Difference ◽  
Trading Volumes ◽  
Indian Stock Market

Purpose The purpose of this paper is to test the disposition effect at market level and propose an appropriate reference point for testing disposition at market level. Design/methodology/approach This is an empirical study conducted on 500 index stocks of NSE500 (National Stock Exchange). Winning and losing days for each stock are calculated using 52-week high and low prices as reference points. To test disposition effect, abnormal trading volumes of stocks are regressed on their percentage of winning (losing) days. Further using ANOVA, the difference between mean of percentage of winning (losing) days of high abnormal trading volume deciles and low abnormal trading volume deciles is tested. Findings Results show that a stock’s abnormal trading volume is positively influenced by the percentage of winning days whereas percentage of losing days show no such effect. Findings are consistent even after controlling for volatility and liquidity. ANOVA results show the presence of high percentage of winning days in higher deciles of abnormal trading volumes and no such pattern in case of losing days confirms the presence of disposition effect. Further an ex post analysis indicates that disposition prone investors accumulate losses. Originality/value This is the first study, which proposes the use of 52-week high and low prices as reference points to test the market-level disposition effect. Findings of this study enhance the limited literature available on disposition effect in emerging markets by providing evidence from Indian stock markets.

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